Boohoo to extend headquarters with £1.6m property acquisition

The property, located close to the retailer's headquarters at Dale Street, Northern Quarter, is being sold by Jogo Associates Limited Pension Scheme, of which Mahmud Kamani, boohoo’s Joint CEO, is a beneficiary.

Online fast fashion retailer boohoo is expanding its head office operations after agreeing to buy a property on China Lane, Manchester for £1.6m.

The property, located close to the retailer's headquarters at Dale Street, Northern Quarter, is being sold by Jogo Associates Limited Pension Scheme, of which Mahmud Kamani, boohoo’s Joint CEO, is a beneficiary.

The acquisition price of £1.6m, which is subject to an independent valuation, is payable in cash with 10 per cent due on exchange and the balance due on completion, which is expected to be by the end of this month.

In a statement, the company said: “The directors of boohoo (with the exception of Mahmud Kamani, who is deemed not to be independent in connection with this transaction) consider, having consulted with Zeus Capital in its capacity as boohoo’s nominated adviser, that the terms of the transaction are reasonable insofar as shareholders are concerned.”